Realtors call Austin’s growth unsustainable as home sales, prices jump

Austin

AUSTIN (Austin Business Journal) — A new land development code can’t come soon enough for Austin’s Realtors, who expressed a new level of concern this week about demand for housing outpacing supply.

Single-family home sales in the Austin-Round Rock metro area increased nearly 17%, to 2,721 sales, in October compared to the same month in 2018, according to a Nov. 21 report from the Austin Board of Realtors. In the city of Austin, home sales rose 14.5% year-over-year to 835.

New listings in the region increased about 8% to 3,067 listings, but active listings decreased 12% to 6,381 listings — with monthly housing inventory dropping 0.5 months year-over-year to 2.3 months of inventory. Most experts agree balanced housing markets typically have about six months of inventory.

Read more on the Austin Business Journal here.

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